Pensions have become �a specialization requiring specific knowledge on the industry,� says Bunny Fernhall, chief of pension education at the American Society of Pension Professionals and Actuaries. �A few years ago, you could be a financial specialist and be covered. Today, it�s fluid, especially with what�s happening up on Capitol Hill.� With the industry changing so much, she says, �companies want to make sure their advisors are well-informed.�A poll of 151 financial executives responsible for managing defined benefit plans found that 62 percent believe their organizations aren�t fully prepared for pension reform�s impact on their plans. Some 72 percent are reevaluating their current processes and plan management. The poll was conducted by SEI Investments, a provider of asset management services.
All of this is leading an increasing number of companies to consider outsourcing their fund management tasks, says Frank Wilkinson, a spokesperson for SEI. �Smaller plans have traditionally outsourced, but larger plans are now looking to outsource, as well,� he said.
For professionals including benefits managers, accountants, actuaries and investment specialists, firms such as SEI, Northern Trust and the Frank Russell Company may offer new opportunities as their businesses in managing pension plans grow. SEI most recently added actuarial capabilities to its offerings, and Wilkinson says the company will continue to add staff as it adds clients.
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